Paschi Needs Few More Details Before EU Decision, Almunia SaysBryan Bradley and Stephanie Bodoni
Banca Monte dei Paschi di Siena SpA, the bailed-out bank embroiled in a fraud probe, should soon get a decision from European Union regulators about state aid the lender needs for a restructuring.
“Talks with the Italian authorities were slowed by the political situation, which was clarified yesterday,” EU competition commissioner Joaquin Almunia told reporters in Vilnius today. Only a few details remain to be agreed and once the proposal is ready “we’ll be able to move very quickly, because everything has already been discussed.”
The EU resisted Italy’s original bailout blueprint and insisted in recent months on changes. In a July letter sent to Italian Finance Minister Fabrizio Saccomanni, the regulator recommended executive pay caps, lower costs and cutting Italian sovereign-debt holdings and trading activities.